Re: Any truth to this blog post?
I have never been able to make leasing stack up against financing, even when I have been self-employed. However, if I were in the market for some of these upscale luxury cars with all the hi-tech, or a twin turbo engine, I would lease to try and avoid owning a money pit.
In NS, used cars, even recent ones, need looked at carefully by a mechanic for rust on the frame. If you get a good one, which I have managed to do it, rust coat every year and you are sorted. |
Re: Any truth to this blog post?
I've just sold a 9 year old car that's been through the Newfoundland winters. It was far from a rust bucket and passed it's inspection first time! There's certainly a healthy used car market here.
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Re: Any truth to this blog post?
Originally Posted by scottabraham13
(Post 12894816)
I've just sold a 9 year old car that's been through the Newfoundland winters. It was far from a rust bucket and passed it's inspection first time! There's certainly a healthy used car market here.
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Re: Any truth to this blog post?
Originally Posted by crofty82
(Post 12892501)
Taken from a blog post the wife was reading about life in Canada:
https://cimg5.ibsrv.net/gimg/british...3d95962f3.jpeg Is this true? Can’t recall car leasing discussed on here much, if at all. We get let out of quarantine on Monday and getting a car is pretty high on the priority list.
But, if you are comfortable with the process of buying and maintaining older cars instead, you'll save a great deal in depreciation cost. And, there are minimal further benefits of putting such a vehicle under a lease arrangement, unless you can directly write off vehicle operating expenses as well (e.g. as a small-business owner). So, leasing is a much less prevalent option in the used-vehicle market. |
Re: Any truth to this blog post?
Originally Posted by abner
(Post 12896161)
But, if you are comfortable with the process of buying and maintaining older cars instead, you'll save a great deal in depreciation cost. And, there are minimal further benefits of putting such a vehicle under a lease arrangement, unless you can directly write off vehicle operating expenses as well (e.g. as a small-business owner). So, leasing is a much less prevalent option in the used-vehicle market. Now only divorce can save one from the taxman. |
Re: Any truth to this blog post?
Originally Posted by dbd33
(Post 12896291)
Note that the tax breaks on leased cars for small business owners are pretty much a thing of the past. The days when I wrote off 100% of the leased business vehicle and paid 100% of the cost of the personal use vehicle (one being a fast car and one a moped) are long gone. Now you can only write off a proportion of a car worth tuppence happeny.
The free lunch part might be gone, but legitimate business use is still tax-deductible. |
Re: Any truth to this blog post?
Originally Posted by abner
(Post 12896550)
But surely you still write off vehicle expenses proportionate to actual business use of the vehicle, e.g. as an Uber car, or a delivery truck, or a salesperson's means of traveling from client to client (if that still happens anymore, in these Covid-blighted times).
The free lunch part might be gone, but legitimate business use is still tax-deductible. Technically, yes, but if we are talking about individuals operating as a professional service then, practically, no. A portion of a cheap vehicle mat be written off under tight conditions with which it is difficult to comply. Taking vehicular deductions leaves one at the whim of an auditor. If the business is a mobile hot dog stand then it's all fine but in the context of purchasing or leasing being a choice the business is likely something like computer consulting or mobile nursing which was once seen as a business deserving of tax breaks and is now seen as just gig economy work. As you note, the whole matter is complicated by Covid, I should think it hard to claim a legitimate need to go anywhere for business now. |
Re: Any truth to this blog post?
I think the most sensible answer is "it depends where the car has been". And Canada is a big country. There are some areas of Canada where corrosion is happening easier and sooner than in other regions of Canada. Moisture and the usual saltmania are the usual causes.
What I noticed is that in Alberta or Saskatchewan one is better off, than anywhere in the Great Lakes region. However it often depends on the car, the driver, the mileage etc... |
Re: Any truth to this blog post?
Originally Posted by OrangeMango
(Post 12896647)
I think the most sensible answer is "it depends where the car has been". And Canada is a big country. There are some areas of Canada where corrosion is happening easier and sooner than in other regions of Canada. Moisture and the usual saltmania are the usual causes.
What I noticed is that in Alberta or Saskatchewan one is better off, than anywhere in the Great Lakes region. However it often depends on the car, the driver, the mileage etc... |
Re: Any truth to this blog post?
Originally Posted by crofty82
(Post 12892501)
Taken from a blog post the wife was reading about life in Canada:
https://cimg5.ibsrv.net/gimg/british...3d95962f3.jpeg Is this true? Can’t recall car leasing discussed on here much, if at all. We get let out of quarantine on Monday and getting a car is pretty high on the priority list. When I moved here I bought: 2011 Mitsubishi Outlander XLS 3.5V6 126000 km $10,000 2009 Mitsubishi Lancer 2.5 GT - 117000 km $6,500 Both cars are in good condition for their age. Sure if you want a 'nice' car that is new, then leases may be worth it, but even then I don't find them very competitive compared to what you could get in the UK. But for me it is the worst financial decision you could make, |
Re: Any truth to this blog post?
I've heard from car owners that the second hand market at-least in Vancouver is disappointing compared to the UK, however a lot of cars pass hands through the turnover of work-holiday visa types. Maybe try FB groups like Irish and New in Vancouver (I've found it more active then the British version).
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